New Risk • May 06
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (-35% net profit margin). Market cap is less than US$100m (€18.9m market cap, or US$22.1m). Announcement • Apr 29
Slatinska Banka d.d. announces Annual dividend, payable on July 09, 2026 Slatinska Banka d.d. announced Annual dividend of EUR 0.7200 per share payable on July 09, 2026, ex-date on June 30, 2026 and record date on July 01, 2026. Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €5.44m (up 133% from 3Q 2024). Net income: €619.1k (up 139% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Reported Earnings • Jul 27
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €5.03m (up 112% from 2Q 2024). Net income: €489.9k (up 64% from 2Q 2024). Profit margin: 9.7% (down from 13% in 2Q 2024). New Risk • May 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,251% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€17.0m market cap, or US$19.3m). Announcement • Mar 26
Agram Invest d.d. acquired 7.62% stake in Slatinska Banka d.d. (ZGSE:SNBA). Agram Invest d.d. acquired 7.62% stake in Slatinska Banka d.d. (ZGSE:SNBA) on March 18, 2025.
Agram Invest d.d. completed the acquisition of 7.62% stake in Slatinska Banka d.d. (ZGSE:SNBA) on March 18, 2025. Reported Earnings • Mar 03
Full year 2024 earnings released Full year 2024 results: Revenue: €10.4m (up 11% from FY 2023). Net income: €1.01m (up 13% from FY 2023). Profit margin: 9.7% (in line with FY 2023). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €16.90, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 8x in the Banks industry in Croatia. Total returns to shareholders of 209% over the past three years. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €13.50, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 8x in the Banks industry in Croatia. Total returns to shareholders of 133% over the past three years. Announcement • Dec 18
Slatinska Banka d.d. (ZGSE:SNBA) completed the acquisition of Wustenrot Stambena Stedionica d.d. Slatinska Banka d.d. (ZGSE:SNBA) signed a deal to acquire Wustenrot Stambena Stedionica d.d. on May 29, 2024. As part of the acquisition, Slatinska Banka will acquire 100% stake in Wustenrot Stambena Stedionica. The transaction is subject to approval from Croatia's central bank and the European Central Bank.
Slatinska Banka d.d. (ZGSE:SNBA) completed the acquisition of Wustenrot Stambena Stedionica d.d. on December 16, 2024. The transaction has received approval from the European Central Bank. Reported Earnings • Nov 04
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €2.33m (down 13% from 3Q 2023). Net income: €259.1k (down 68% from 3Q 2023). Profit margin: 11% (down from 30% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. New Risk • Aug 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Market cap is less than US$100m (€11.5m market cap, or US$12.6m). Reported Earnings • Aug 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €2.38m (up 12% from 2Q 2023). Net income: €298.8k (down 2.8% from 2Q 2023). Profit margin: 13% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €13.90, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 7x in the Banks industry in Croatia. Total returns to shareholders of 127% over the past three years. Reported Earnings • May 02
First quarter 2024 earnings released First quarter 2024 results: Revenue: €2.86m (up 46% from 1Q 2023). Net income: €630.8k (up 498% from 1Q 2023). Profit margin: 22% (up from 5.4% in 1Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €12.50, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 8x in the Banks industry in Croatia. Total returns to shareholders of 136% over the past three years. Reported Earnings • Mar 03
Full year 2023 earnings released Full year 2023 results: Revenue: €9.44m (up 18% from FY 2022). Net income: €900.1k (up 11% from FY 2022). Profit margin: 9.5% (in line with FY 2022). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €15.00, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 10x in the Banks industry in Croatia. Total returns to shareholders of 171% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €9.90, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 8x in the Banks industry in Croatia. Total returns to shareholders of 86% over the past three years. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 2.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 2.3% per year over the past 5 years. Market cap is less than US$10m (€6.95m market cap, or US$7.43m). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €10.50, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 10x in the Banks industry in Croatia. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €10.20, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 10x in the Banks industry in Croatia. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €8.00, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 9x in the Banks industry in Croatia. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Kn46.60, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 9x in the Banks industry in Croatia. Total loss to shareholders of 5.3% over the past three years. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Kn14.7m (up 13% from 3Q 2021). Net income: Kn2.10m (down 7.1% from 3Q 2021). Profit margin: 14% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Announcement • Sep 08
Pago Croatia, društvo s ogranicenom odgovornošcu za trgovinu acquired 7.08% stake in Slatinska Banka d.d. (ZGSE:SNBA). Pago Croatia, društvo s ogranicenom odgovornošcu za trgovinu acquired 7.08% stake in Slatinska Banka d.d. (ZGSE:SNBA) on August 30, 2022.
Pago Croatia, društvo s ogranicenom odgovornošcu za trgovinu completed the acquisition of 7.08% stake in Slatinska Banka d.d. (ZGSE:SNBA) on August 30, 2022. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 37% share price gain to Kn66.00, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 9x in the Banks industry in Croatia. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 31% share price gain to Kn52.00, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 8x in the Banks industry in Croatia. Total returns to shareholders of 27% over the past three years. Reported Earnings • Aug 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Kn18.2m (up 58% from 2Q 2021). Net income: Kn4.60m (up Kn4.22m from 2Q 2021). Profit margin: 25% (up from 3.3% in 2Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Feb 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Kn6.01 (up from Kn1.60 in FY 2020). Revenue: Kn51.7m (up 8.1% from FY 2020). Net income: Kn5.09m (up 276% from FY 2020). Profit margin: 9.9% (up from 2.8% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Kn11.5m (down 11% from 2Q 2020). Net income: Kn373.4k (down 81% from 2Q 2020). Profit margin: 3.3% (down from 15% in 2Q 2020). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 17% share price gain to Kn47.00, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 13x in the Banks industry in Europe. Total returns to shareholders of 47% over the past three years. Announcement • Sep 08
MKB Egyensúly Nyíltvégu Befektetési Alap, managed by MKB-Pannónia Alapkezelo Zrt acquired a 9.22% stake in Slatinska banka d.d. Slatina (ZGSE:SNBA), MKB Egyensúly Nyíltvégu Befektetési Alap, managed by MKB-Pannónia Alapkezelo Zrt acquired a 9.22% stake in Slatinska banka d.d. Slatina (ZGSE:SNBA) on September 2, 2020. Under the terms of the transaction, MKB-Pannónia acquired 0.08 million shares in Slatinska.
MKB Egyensúly Nyíltvégu Befektetési Alap, managed by MKB-Pannónia Alapkezelo Zrt completed the acquisition of a 9.22% stake in Slatinska banka d.d. Slatina (ZGSE:SNBA) on September 2, 2020. 
